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is this impossible?

My wife and I were just were turned down for preapproval for a mortgage although we have 20-25% down and would not exceed 30% of our gross monthly income because my wife has no credit. I'm a stay-at-home mom dad with great credit, and I own a rented apt valued way above its debt but have no job. My wife is a foreigner has no credit because she's never owed any money and a great job with a US company where she's worked 10yrs. We'll be moving back to US soon and would rather not have to move twice with 3 kids. Anyone have any suggestions as mortgage lenders that might consider our situation without requiring a co-signer? If it is impossible obtain a mortgage this year--anyone know how long it takes to build a credit record. We've just ordered some credit cards and I've been told we shouldn't pay cash for our cars as we've done in the past? by Gatorguy99 from Ocean Ridge, Florida. Sep 23rd 2009 Reply


Tim Bradford (Tim Bradford)
#5 ranked lender in Ohio - 145 contributions

Gatorguy, In the past no credit did not hurt you, however in todays market lenders want to see a demostrated payment history. I do not know if you have spoken with someone that does FHA Loans because it is much easier to use alternate forms of credit: Rent, Utilities, Accumulation of cash in bank accounts to overcome the issues raised. Because you say your wife is a foriegner, Another issue could be what type of visa your wife has. You many not like FHA because it does have Mortgage Insurance, however instead of waiting to establish the credit history, it might work for you.

Sep 24th 2009
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Joshua Crater (Rate1st.com)
#201 ranked lender in California - 47 contributions

Sounds like you are on track with ordering credit cards. Since your wife is the wage earner, she'll need to have credit scores. As soon as the credit cards are in her name and reflect on credit, her scores should populate. The suggestion to have an auto loan payment was to help with more "tradelines" for the credit reports to consider. Once you have some credit cards, you should be okay. Respectfully, Brock R. Hicks, C.M.P.S. Financial Planner / Loan Specialist Toll Free: 1-877-RATE-1ST Office: 949-243-7989 ext 102 Direct: 949-287-4058 Fax: 949-612-1565 Website: www.Rate1st.com Email: brock.hicks@rate1st.com

Sep 24th 2009
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Joseph Vida (Joseph Vida)
#21 ranked lender in Florida - 2 contributions

Well, I think the reason why you got turned down is because you do not have enought money down.If there is someone involved in the loan from another country they have to give more money down and the Mortgage % rates are usually alot higher than someone living in the states.I think she should go with a first time buyer program and I think she should establish herself with paying on some major or secured cards for atleast 12 months plus time.

Sep 23rd 2009
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